Maine Drilling & Blasting, Inc. 401(k) Review & Grade
Maine Drilling & Blasting, Inc. 401(k) Plan
Gardiner, MEConstruction568 active participantsPlan year 2024✓ Auto-enroll
Estimate from the plan's Form 5500 filing · How we grade
$1,007Employer $ per active participant
$6,506Employee $ saved per active participant
0.65%Direct admin cost, % of plan assets
$35.6MNet plan assets, end of year
$56,390Average balance per account
Score breakdown
- Employer generosity15.9 / 5032th percentile for employer $ per participant
- Low cost3.8 / 2515th percentile for low admin cost vs. same-size plans
- Employee saving11.9 / 1579th percentile for employee $ per participant
- Plan features10 / 10Auto-enrollment, Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score39 / 100 · Grade D
This plan vs. peers
Peers: Construction plans with 500–2,499 active participants (498 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 32th |
| Lower admin cost | 15th |
| Employee saving | 79th |
| Peers that auto-enroll | 44% |
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Red flags from the filing
Corrective distributions: the plan refunded $153,817 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Maine Drilling & Blasting put in about $1,007 per active participant, below the typical peer ($1,672). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.65% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan auto-enrolls employees. Check your default contribution rate. Defaults are often lower than what it takes to get the full match.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $571,720 |
| Participant (employee) contributions | $3,695,586 |
| Other contributions (incl. rollovers in) | $29,068 |
| Administrative expenses paid from the plan | $215,540 |
| Contract administrator fees | $215,540 |
| Benefits paid out | $2,811,427 |
| Net assets, start / end of year | $30.9M / $35.6M |
| Active participants, start / end of year | 580 / 556 |
| Participants with account balances | 632 |
| Auto-enrollment (feature code 2S) | Yes |
| Auditor | Wipfli LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $225,749 reported compensation |
| Raymond James & Associates Inc | $77,610 reported compensation |
| NBT Bank, N.A. | $15,797 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251007143731NAL0002548627001, received 2025-10-07, EIN 01-0275868, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.